Five reasons why the government mustn’t cool its heels on an “Australian IRA”

By Elizabeth Thurbon, Alexander Hynd, and Hao Tan

First, instead of “an international subsidy race” as Jotzo frames it, what is currently unfolding – from the US to Europe to Northeast Asia and beyond – is an “international investment race”. Governments are mobilising public resources to induce massive investments in job-creating, productivity-enhancing green energy projects. Long-term, these projects will likely have major economic benefits, while supporting goals ranging from energy security to decarbonisation. A “subsidy race” is an inaccurate descriptor of the diverse and sophisticated range of government activities taking place overseas.

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